New York banking regulator grants first charter to bitcoin company

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"itBit Trust Company, LLC, a bitcoin exchange, has been granted a charter under New York State's banking law, becoming the first virtual currency company to receive a charter in the state, according to New York's Department of Financial Services."

Bitcoin trading involves a high degree of risk. The bitcoin market is new and unproven and may
not grow. Currently, there is relatively small use of bitcoin in the retail and commercial
marketplace in comparison to relatively large use by speculators, thus contributing to
price volatility that could adversely affect an investment in bitcoin. In order to
participate in the trading of bitcoin, you should be capable of evaluating the
merits and risks of the investment and be able to bear the economic risk of
losing your entire investment. No material at this site should be considered
as an offer by itBit to sell or solicitation by itBit of any offer to buy bitcoin.